Asian Stocks Fall Third Day, Led by Telecom Shares, Japan

Asian stocks fell, with the regional benchmark index headed for a third day of losses, as telecommunication services shares led the decline and Japanese stocks dropped following holidays.

SoftBank Corp., a Japanese mobile phone operator, dropped 2.2 percent after the rating of Sprint Corp. (S), which SoftBank acquired last year, was cut at Cowen and Company. Fast Retailing Co., Asia’s biggest apparel chain, lost 3.8 percent in Tokyo as the Nikkei 225 (NKY) Stock Average slipped from a six-year high. Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics and the second-most-weighted stock on the Asia-Pacific benchmark index, rose 0.8 percent.

The MSCI Asia Pacific Index slipped 0.6 percent to 139.45 as of 10:23 a.m. in Tokyo with nine of its 10 industry groups falling. Markets are yet to open in Hong Kong and China.

The Asia-Pacific gauge added 9.3 percent in 2013, rising for a second straight year, as central banks across the globe acted to spur growth. The measure traded at 13.1 times estimated earnings as of Jan. 3, compared with 15.5 for the Standard & Poor’s 500 Index and 13.7 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.

(Source: Bloomberg)